Ontario’s Housing Market Expected to Remain Strong Through 2012
With the Canadian Real Estate Association reporting that sales activity has been higher than forecast this spring, now may be a good time to sell your home.
June 18th, 2012, Oakville, Ontario
With a warmer than expected spring and improving economic conditions throughout the Oakville real estate market and Canada, the Canadian Real Estate Association now expects an almost 4% increase in housing sales nationally through 2012. Initially the CREA only expected a very modest increase of 0.3% nationally, however, it is now believed that an upwards of 475,800 homes will be sold throughout the country this year compared to 457,000 homes last year.
It is also expected that the average price for a home will increase about 2.2% to $370,700 in 2012, compared to previous forecasts which saw a decrease in home pricing by at least 1%. It cannot be underestimated the role that low interest rates have played in bolstering these real estate numbers so far this year. With interest rates holding steady at 1% and the Bank of Canada looking at only modest increases throughout the next couple years, 2012 is shaping up to be a good year for sellers and buyers.
Looking towards 2013 the CREA expects sales to drop off slightly to around 470,000 homes with a small interest rate hike speculated towards the end of the year. Even though home sales fell 3.1% last month compared to April, the total number of homes sold still was up from last year.
The combination of low interest rates and ever increasing home prices have led many to speculate, including TD bank, that Canada’s housing markets, especially in Toronto and Vancouver will see a correction of up to 15% in the next 2-3 years. This will be a direct result of increasing interest rates and lowered demand. There are still many factors in play, which will determine the future of the housing market in Canada over the next few years. Overall, however, the immediate future is looking bright and plentiful for Oakville homes for sale.
The Goodale Miller Team is based in Oakville, Ontario is Canada’s #1 Century 21 team for 8 years running.
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